Philippines’s Finance Department to be headed by Bloomberg president Marcos Jr

The finance department will be headed by Bloomberg Philippines president Ferdinand Bongbong Marcos Jr., according to a person familiar with the matter.

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Diokno, whose term as Governor of Bangko Sentral ng Pilipinas is set to end mid-next year, will be replaced by Carlos Dominguez. Marcos is expected to announce the appointment of Diokno as central bank chief later Thursday, according to the person who declined to be identified as a central bank chief.

A central bank representative declined to comment, while a spokesman for Marcos didn't reply to calls and mobile-phone messages seeking comment.

Diokno, 74, is not new to the government, having served as the budget minister under two presidents before moving to the central bank in 2019.

Diokno was an advocate of a whole-of-government approach to address economic headwinds and steered Philippine monetary policy through the Pandemic- induced crisis. The central bank ended its long pause on interest rates last week, joining a global tightening cycle to fight price pressures fanned by the war in Europe and supply strains caused by virus lockdowns in China. Inflation is overshooting the 2% 4% target band of the central bank this year, while economic growth is on track to achieve the revised 7% 8% official estimate from the 5.7% expansion last year.

Under Diokno, BSP extended support to the government, which this month repaid the amount in full. He will need to focus on paring government debt that swelled during the epidemic, while funding Marcos'promises of a building boom.

Marcos, who is going to take office on June 30, is poised to inherit an economy that is growing at one of the fastest rates in Asia as it recovers from a record contraction in 2020.

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